The Loan Release Agreement is a vital document used in Indian lending transactions when a loan has been fully repaid or settled through mutual agreement. This document is essential for providing legal certainty to both lenders and borrowers, formally documenting the discharge of debt obligations and releasing any associated security interests. It must comply with various Indian legislation including the Indian Contract Act, 1872, Banking Regulation Act, 1949, and relevant state-specific stamp duty laws. The agreement is particularly important in protecting parties from future claims and providing clear evidence of debt settlement. It typically includes details of the original loan, confirmation of settlement, mutual releases, and provisions for security discharge where applicable.
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1. Parties: Identification of the lender and borrower with complete details including registration information for companies
2. Background: Recitals detailing the original loan agreement, its key terms, and the circumstances leading to the release
3. Definitions: Definitions of key terms used in the agreement, including 'Loan Agreement', 'Release Date', and 'Settlement Amount'
4. Acknowledgment of Debt: Confirmation of the original loan amount and any outstanding amounts as of the release date
5. Release Terms: Specific terms of the release, including any settlement amount and payment conditions
6. Mutual Releases: Mutual discharge of obligations and claims between the parties
7. Representations and Warranties: Statements by both parties regarding their authority to enter into the agreement and the accuracy of information provided
8. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
9. Execution: Signature blocks and execution formalities
1. Security Release: Required when the original loan was secured by assets or property, detailing the release of security interests
2. Guarantor Release: Needed when third-party guarantors were involved in the original loan agreement
3. Partial Release Terms: Used when only a portion of the loan is being released or when multiple borrowers exist and only some are being released
4. Confidentiality: Required for sensitive commercial arrangements or when parties wish to keep the settlement terms private
5. Tax Implications: Needed when the release has significant tax consequences that need to be addressed
6. Surviving Obligations: Required when certain obligations are intended to survive the release
1. Schedule 1 - Original Loan Agreement: Copy or details of the original loan agreement being released
2. Schedule 2 - Payment History: Record of payments made under the loan agreement
3. Schedule 3 - Settlement Calculation: Detailed calculation of settlement amount, if applicable
4. Schedule 4 - Security Details: List of security interests being released, if applicable
5. Schedule 5 - Release Documents: Forms and notices required for formal release of security interests
6. Appendix A - Required Regulatory Approvals: Copies of any regulatory approvals required for the release
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